Commercial
WestStar Bank has agreed to acquire Albuquerque-based Southwest Capital Bank in a deal expected to close in the first quarter of 2027. The transaction will expand WestStar's New Mexico presence from one branch to seven and create a lender with $3.8 billion in assets, $3.3 billion in deposits and $2.9 billion in loans. Financial terms were not disclosed. Southwest Capital CEO Chez Steel will become the combined bank's New Mexico president. The deal follows the collapse of Southwest Capital's proposed acquisition by U.S. Eagle Federal Credit Union in 2024 after failing to receive regulatory approval.
Bank of America is aggressively hiring and developing business bankers to capture the growing opportunity in small-business banking, according to Sharon Miller, president of business banking. Competition for talent has intensified, with job openings at major competitors up over 105% from last year. BofA is focusing on internal talent development, hiring from banks of all sizes, and leveraging its national reach and AI tools to speed up credit underwriting. The bank serves about 3.4 million small and midsize clients and aims to reach 30% business client share in its markets, up from the current 27.6% national average. Miller emphasized the importance of relationship-building and in-person outreach despite digital advancements.
Portrait Bank, central Florida's first de novo in nearly a decade, opened Saturday after receiving final approval from the Florida Office of Financial Regulation three months ago. Led by banking veteran Erik Weiner, the bank raised $43 million from 256 local investors, exceeding the roughly $28 million regulators required. After gaining its charter in June, the team spent the summer onboarding small to mid-size businesses, individuals, and private wealth clients. Weiner said consolidation has cut the number of banks headquartered in central Florida from 38 in 2000 to about half a dozen, reducing personalized service and local decision-making. Portrait aims to serve the growing region, where Orlando's population expanded 1.3% in 2025, above Florida's 0.8% growth rate.
Beacon Financial, formed a year ago from the merger of Brookline Bank and Berkshire Bank, has named COO Sean Gray as its new president and CEO, effective Monday. Gray succeeds Paul Perrault, who announced his retirement last week. Perrault will remain a consultant for a year at $120,000 per month and stay eligible for a 2026 performance bonus. Gray, who joined Berkshire in 2006 and served as its president and COO from 2018 to 2025, also led the merger integration. Board chair David Brunelle called Gray's appointment a catalyst for the company's next phase of profitable growth. Analysts said the move resolves investor questions about succession planning. Beacon, with $22.3 billion in assets, completed its core systems conversion and rebranding in February and had realized $52 million in projected cost savings by July.
Nola Bank, Louisiana's first new lender in 16 years, opened Sept. 14 after receiving final regulatory approval on Sept. 11. The New Orleans-based de novo raised $29.2 million and aims to challenge bigger-bank dominance by focusing on small businesses and the underbanked. CEO Joe Omner noted the region's consolidation and the impact of Hurricane Katrina on new bank formation. The bank is applying for minority depository institution status with a multiracial designation. It emphasizes local decision-making, technology, and community ties to compete with larger institutions.
PNC CFO Rob Reilly said the bank would pass on an acquisition if it impeded its AI priorities, emphasizing the risk of distraction from AI's potential. Regions CEO John Turner said M&A could divert attention from its deposit system conversion set for 2027, and Citizens CEO Bruce Van Saun said his company doesn't want to get distracted while growing its private bank and executing its Reimagine the Bank initiative. The executives' comments come amid high expectations for bank M&A in 2026, but larger deals have been scarce. Industry experts and other bank leaders weighed in on the factors behind the lull and the outlook for consolidation.
SMBC is ramping up recruiting near Charlotte, North Carolina, to staff its second U.S. headquarters, targeting summer 2027 interns and analysts. The bank has committed to adding 2,000 jobs and investing $50.5 million in the area over the next six years. It currently has about 300 people in Charlotte and will move to 301 S. College St. next month. SMBC is hiring in phases, with about 80 hires since April and 90 open roles now, focusing on technology, cybersecurity, data, operations, and HR. It faces competition from Bank of America, Truist, JPMorgan Chase, and TD, but leverages its growth story and partnerships with local universities to attract talent.
Reston, Virginia-based John Marshall Bancorp has agreed to acquire in-state lender Eagle Financial Services for $253 million in stock. The deal, expected to close in Q1 2027, will create a $4.4 billion-asset company with 23 locations, propelling John Marshall into Virginia's top 10 banks by assets. The combined entity will operate under two brands: Bank of Clarke will serve the Shenandoah Valley, while John Marshall Bank will serve the Washington, D.C. metro market. The acquisition nearly triples John Marshall's branch footprint and almost doubles its assets. Leadership will include Chris Bergstrom as executive chairman and Brandon Lorey as CEO. The deal represents an 11.5% premium to Eagle Financial's closing price and marks John Marshall's first acquisition in its 20-year history.
Georgia Skyline Bank, a proposed de novo that received conditional deposit insurance approval in December, has recapitalized $189 million-asset Highlands Community Bank in Covington, Virginia, with a $15 million capital infusion that closed Sept. 1. According to co-founder and President Ryan Floyd, the deal offers shareholders a better opportunity than continued fundraising and provides a Day One balance sheet near $200 million, avoiding the 18-24 months it would have taken to build a de novo to that size. The combined institution will operate the two brands separately, with Georgia Skyline opening a loan production office and full-service branch in Roswell, Georgia, by early October, and Georgia Skyline's board fully integrating into Highlands' by Sept. 15.
Huntington has elevated Brant Standridge to president of both the holding company and the bank subsidiary, effective immediately. The appointment follows an extensive succession planning process. Standridge, previously president of consumer and regional banking, will now oversee all revenue-generating businesses and report to CEO Steve Steinour, retaining his current duties. He joined Huntington in 2022 after roles at Truist and BB&T. CEO Steinour plans to remain chairman and CEO for several more years.